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प्रश्न
Y Ltd. purchased furniture costing Rs 1,35,000 from AB Ltd. The payment was made by issue of Equity Shares of Rs 10 each at a discount of Re 1 per share. Pass necessary Journal entries in the books of Y Ltd.
उत्तर
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Journal of Y Ltd. |
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Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
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Furniture A/c |
Dr. |
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1,35,000 |
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To AB Ltd. |
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1,35,000 |
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(Furniture purchased) |
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AB Ltd. |
Dr. |
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1,35,000 |
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Discount on Issue of Equity Share A/c |
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15,000 |
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To Equity Share Capital A/c |
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1,50,000 |
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(Issue of 15,000 equity shares of Rs 10 each at a discount of Re 1 per share) |
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Notes
`"Number Of Equity Shares to be issued"="Purchaed Price"/"Issue Price" =(1,35,000)/(10-1)=(1,35,000)/9`
APPEARS IN
संबंधित प्रश्न
Ganesh Ltd. is registered with an authorised capital of Rs 10, 00, 00,000 divided into equity shares of Rs 10 each. Subscribed and fully paid up capital of the company was Rs 6,00,00, 000. For providing employment to the local youth for the development of the tribal areas of Arunachal Pradesh the company decided to Set up hydropower plants there. The company also decided to Open skill development centres in Itanagar, pasighat and Tawang. To meet its new financial requirements, the company decided to issue 1,00,000 equity shares of Rs 10 each and 1,00,000, 9% debentures of Rs 100 each. The debentures were redeemable after five years at par. The issue of shares and debentures was fully subscribed. A shareholder holding 2,000 shares failed to pay the final call of Rs 2 per share.
Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013; also identify any two values that the company wishes to propagate
The proprietary ratio of M Ltd. is 0.80:1 State with reasons whether the following transactions will increase, decrease or not change the proprietary ratio:
1) Obtained a loan from bank Rs 2, 00,000 payable after five years.
2) Purchased machinery for cash Rs 75,000
3) Redeemed 5% redeemable preference shares Rs 1,00,000
Issued equity shares to the vendors of machinery purchased for Rs 4,00,000.
Pass necessary journal entries in the following cases
Jain Ltd. converted 2,000, 12% debentures of Rs 100 each issued at an into equity share of Rs 100 each issued at a premium of 25%.
D Ltd. invited applications for issuing 10,00,000 equity shares of Rs 10 each. The public applied for 8,55,000 shares. Can the company proceed for the allotment of shares? Give reason in support of your answer
Pass necessary journal entries in the Given cases :
Sunrise Ltd. converted 500, 9% debentures of Rs 100 each issued at a discount of 10% into equity shares of Rs 100 each issued at a premium of Rs 25%.
Moneyplus Company issued for public subscription 75,000 shares of the value of Rs 10 each at a discount of 10% payable as follows: Rs 2 per share on an application, Rs 3 per share on an allotment and Rs 4 per share on call. The company received applications for 1,50,000 shares. The allotment was done as under:
a. Applicants of 15,000 shares were allotted 5,000 shares.
b. Applicants of 70,000 shares were allotted 40,000 shares.
c. Remaining applicants were allotted 30,000 shares.
Money in excess to allotment was returned. Hari, a shareholder who had applied for 3,500 shares out of group B failed to pay allotment and call money. Rohan, a shareholder who was allotted 3,000 shares paid the call money along with the allotment. Rohan also belonged to group B. Pass necessary journal entries to record the above transactions in the books of the company. Show your working notes clearly.
Amar, Ram, Mohan and Sohan were partners in a firm sharing profits in the ratio of 2 : 2 : 2 : 1. On 31st January, 2017 Sohan retired. On Sohan's retirement the goodwill of the firm was valued at Rs 70,000. The new profit sharing ratio between Amar, Ram and Mohan was agreed as 5 : 1 : 1.
Showing your working notes clearly, pass necessary Journal Entry for the treatment of goodwill in the books of the firm on Sohan's retirement.
AXN Ltd. invited applications for issuing 1,00,000 equity shares of Rs 10 each at a premium of Rs 6 per share. The amount was payable as follows:
On Allotment Rs 5 per share Including Rs 2 premium).
On First Call Rs 4 per share (including Rs 2 premium).
On Second and Final Call – Balance Amount.
The issue was fully subscribed.
Kumar the holder of 400 shares did not pay the allotment money and Ravi the holder of 1,000 shares paid his entire share money along with allotment money.
Kumar's shares were forfeited immediately after allotment. Afterwards first call was made. Gupta a holder of 300 shares failed to pay the first call money and Gopal a holder of 600 shares paid the second call money also along with first call. Gupta's shares were forfeited immediately after the first call. Second and final call was made afterwards. The whole amount due on second call was received.
All the forfeited shares were re-issued at Rs 9 per share fully paid up.
Pass necessary Journal Entries for the above transactions in the books of the company.
On 1st April, 2012, Khanna Ltd. was formed with an authorised capital of Rs 20,00,000 divided into 2,00,000 equity shares of Rs 10 each. The company issued prospectus inviting applications for 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, Rs 8 per share were called, Shikha holding 2,000 share and Poonam holding 4,000 shares did not pay the first call of Rs 2 per share. Poonam's shares were forfeited after the first call and later on 3,000 of the forfeited shares re-issued at Rs 6 per share, Rs 8 called up.
Show the following:
(a) 'Share Capital' in the Balance sheet of the company as per revised Schedule VI Part I of the Companies Act, 1956.
(b) Also prepare 'Notes to Accounts'.
LCM Ltd. invited applications for issuing 2,00,000 equity shares of Rs 10 each at a premium of Rs 3 per share. The amount was payable as follows:
On application and allotment – Rs 8 per share (including premium)
On first and final call – the balance amount.
Applications for 3,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. First and final call was made as was duly received except on 2,500 share applied by Kanwar. His shares were forfeited. The forfeited shares were re-issued at Rs 7 per share fully paid up.
Pass necessary journal entries for the above transactions in the books of the company.
HCF Ltd. invited applications for issuing 75,000 equity shares of Rs 10 each at a discount of 10%. The amount was payable as follows:
On application and allotment – 4 per share
On first and final call – the balance amount.
Applications for 2,00,000 share were received. Applications for 50,000 shares were rejected and money refunded. Shares were allotted on pro-rata basis to the remaining applicants. The first and final call was made and was duly received except on 1,500 share applied by Raja. His share were forfeited. The forfeited shares were re-issued at maximum discount permissible under law.
Pass necessary journal entries for the above transactions in the books of the company.
From the following information, calculate any two of the following ratios:
(a) Debt-Equity Ratio
(b) Working Capital Turnover Ration and
(c) Return on Investment
Information: Equity Share capital Rs 50,000, General Reserve Rs 5,000; Profit and Loss
Account after tax and interest Rs 15,000; 9% Debenture Rs 20,000; Creditors Rs 15,000; Land and Building Rs 65,000; Equipments Rs 15,000; Debtors Rs 14,500 and Cash Rs 5,500. Discount on issue of shares Rs 5,000
Sales for the year ended 31-3-2011 was Rs 1,50,000. Tax rate 50%.
Given Journal entries to record the following transaction of forfeiture and re-issue of shares and open share forfeited account in the books of the respective companies.
(i) C Ltd. forfeited 1,000 shares of Rs 100 each issued at a discount of 8%. On these shares the first call of Rs 30 per share was not received and the final call of Rs 20 per share was yet to be called. These shares were subsequently re-issued at Rs 70 per share Rs 80 paid up.
(ii) L Ltd. forfeited 470 equity share of Rs 10 each issued at a premium of Rs 5 per share for non-payment of allotment money of Rs 8 per share (including share premium Rs 5 per share) and the first and final call of Rs 5 per share. Out of these 60 Equity share were subsequently re-issued at Rs 14 per share.
The companies and can buy its own shares from either of the following?
How will you calculate the no. of shares issued for consideration other than cash?
Shiv Ltd. was registered with an authorised capital of ₹ 9,00,000 divided into equity shares of ₹ 10 each. The company issued a prospectus inviting applications for issuing 80,000 equity shares. The company received applications for 79,000 equity shares. All calls were made and duly received except the second and final call of ₹ 3 per share on 4,000 shares held by Anu. These shares forfeited.
- Present the 'Share capital' in the Balance Sheet of the company as per Scheduled III. Part I of the Companies Act, 2013.
- Also prepare 'Notes to Accounts' for the same.
Assertion (A): A Company is Registered with an authorised Capital of 5,00,000 Equity Shares of ₹ 10 each of which 2,00,000 Equity shares were issued and subscribed. All the money had been called up except ₹ 2 per share which was declared as ‘Reserve Capital’. The Share Capital reflected in balance sheet as ‘Subscribed and Fully paid up’ will be Zero.
Reason (R): Reserve Capital can be called up only at the time of winding up of the company.
